Bannwil, Switzerland-based car subscription company Carvolution, raised CHF 16.2 million in recent funding. The Series D round took place on October 13, 2022. Redalpine led the financing for the firm. Major existing institutional investors, as well as new investors, joined in the investment. Mobiliar, Armada Ventures and Ringier Digital Ventures are the previous investors who backed the company.
Purpose of the financing for Carvolution
With the latest proceeds from Series D financing, Carvolution intends to further expand the core business in the successful car subscription area addition.
It also has plans to deploy a part of the funds towards offering a wide range of customers to buy and sell used vehicles to move them to the Internet.
In order to achieve this, earlier this year, the company launched its subsidiary Farie AG.
What the Carvolution official has to say
Olivier Kofler, CEO and co-founder of Carvolution, said, “We want to continue on the path we have taken and are pleased about the support of our existing and new investors. We will expand our leading position in the car subscription market with new products and services. With Farie, we will develop new business areas because we are convinced that we can simplify the buying and selling of used cars in Switzerland.”
What the investor has to say
Peter Niederhauser, Founding Partner of Redalpine, further said, “Carvolution has managed to consistently pursue its growth figures and build a strong brand. We are convinced of the implementation of the business model and see enormous potential in the digitization of the used car trade.”
About the company
Luis Wittwer, and Léa Miggiano launched Carvolution in 2018. The Switzerland-based company provides a car subscription platform. It enables the users to select a car, book it online, have it delivered and stay flexible. The package includes perks such as monthly fixed price including insurance, registration, taxes, maintenance and tyres. The carefree package also involves full service from a single source, i.e., they take care of the paperwork, and customer support works via the app.
Since buying cars is becoming more expensive with the passing days, it is imperative to explore alternative options. Hence, industry experts predict that car subscription will have a significant market share by 2030. Carvolution and its subsidiary, Farie intend to exploit their operations to their full potential. It seeks to synergise the two companies in the future by further developing horizontal and vertical integrations that are under construction.
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